Renting & Real Estate - October 2007

My husband and I are in our early twenties, and are interested in buying homes, to use as rent houses and hopefully make a second income. We are also interested in buying them to fix up and resale. Does anyone know how to get started on that. We don't have any money to put down on it. We are also wanting to buy houses for fairly cheap. There are lots of homes around here for sale, however they are pretty expensive, and the mortgage would be high. We also wouldn't make any kind of profit on a resale either. I need some advise and some help. I saw a infomercial some time ago about buying homes for pennies on the dollar. Does that actually work? Can you really buy a large home for a few hundred dollars, and then resale it for 50-100 thousand?? I don't believe any of that.

Thanks a bunch for any advice I receive.

2007-10-21 14:47:38 · 5 answers · asked by Mommy of 2 5

The listing agent tells my realtor that the sellers haven't gotten back to him yet, but that we are the only offer right now. We offered asking price, but we need $5,500.00 in concessions..so technically we offered $114,500.00 on a home listed at $120,000.00. We really want the home. We were told that the sellers declined 2 previous offers of 100 and 105.. the bank is about to take the home from them so would you think they'd have accepted our offer by now? Can they be waiting for other offers to come in before giving us an answer? I know a woman was there today writing up an offer, but that she hasn't put it in yet, probably because today is Sunday.

2007-10-21 14:47:09 · 6 answers · asked by Olivia 3

Over the last 15 years or so, people have been buying the houses in our neighborhood, and fixing them up. This happened to almost every house on our block, including ours before we bought it two years ago. Someone recently bought the house next to ours (the last crappy house on the block) with the intentions of fixing it up and selling it. About a month ago, this man made a comment to my husband that he is probably going to knock the existing structure down, and rebuild a beautiful big house in its place. That made my husband and I very happy, but we haven't seen him since. The house is vacant, with boards on the windows, a definite eye sore. If and when he starts tearing it down, will he have to inform us? I am happy about having a new nice house next to ours, but of course I'm not happy about living next to a construction site! Can we go to the town and ask if permits were filed? We're having a big party at our house in 2 months, so I want to plan accordingly.

2007-10-21 14:40:12 · 4 answers · asked by Level Headed, I hope 5

We are looking at this option to better utilize extra cash to pay off some consumer debt (that cannot be included in the refinance) but people are so negative about it. We are going with an option ARM and WILL be making the full amortization payment (based on a 40 year loan). We are going to be using the 12MAT program (I can't seem to get enough information on this) but it appears to be relatively stable based on the 12-month Treasury Average. I understand about the "interest only" payment and are fully avoiding that. We can't go with a decent fixed rate due to our income to debt resulting in a 680 FICO score. Will our plan, we should be able to pay off most of the consumer debt in 2 years then refinance into a fixed rate. Does this sound like a realistic plan. With paying as we will (fully 30 year), does this loan have a chance for negative amortization? Believe me, we have learned our lesson on using credit cards and taking out loans.

2007-10-21 14:23:37 · 5 answers · asked by jinxies 2

Understand that I have seen the cost sheet from the title company and the seller owes $113400 on his home. I offered $119900 but the appraisal came in at $113500. Therefore the seller does not want to decrease his price. I do not have the $6000 difference it will take for us to come to terms on this offer. The seller has contacted his lender to ask if they will take a short sale on the home but if that does not happen does anyone have any suggestions as to how we could get this deal done? I want this house!

Thanks for your input

1st time homebuyer

2007-10-21 13:59:24 · 7 answers · asked by Renaisannce Man 1

My husband and I currently live in a one bedroom apartment. We are expecting a baby. Will we be required to move out when the baby arrives even if the lease is not up yet?

FYI: In my state it's 2 people per bedroom. At the most, the landlord will allow only 2 people to live in a one bedroom apartment. If it's 2 bedrooms, they allow 4 people. You get the point.

We signed the lease before I found out I was pregnant. By the time the baby arrives, we'll still have 5 months left.

I've heard of some couples having to move out of their 1 bdrm apartments because they had a baby, even though their lease wasn't up yet. So I am just curious if it can happen to me too.

2007-10-21 13:38:57 · 4 answers · asked by TaDaa! 6

In other words, we just took our home off the market after about 6 months. We had one sale fall through after the buyer backed out. We want to take it off the market and relist it in the spring after we've made some upgrades. When its relisted will buyers see it as a new listing or a "back on the market listing". Also is information about the previous sale made available to buyers? If we decide to relist it with a different broker do we have to tell them about the previous pending sale? Thanks for your serious input!

2007-10-21 13:28:00 · 5 answers · asked by CuriousGeorgine 1

My hubby is about to be released from his seasonal job, so he would have the time to work on home, however, we would not have his income available to pay for the necessary repairs out of pocket while he is unemployed (it will be approx 3-4 months)

2007-10-21 12:45:12 · 5 answers · asked by Anonymous

I want to know the average monthly cost of renting an apartment, and all the other things to go with it. I would also be in college 5 days a week on a regular basis along with working to pay for all this. Please inform me of pros and cons. I'd also be sharing apt. with boyfriend.

2007-10-21 12:36:53 · 6 answers · asked by Reese W889 1

We have a townhouse that is in a nice area outside of DC. We want to put some work into it over the next couple of yeras. We know we want new countertops (ours are HORRIBLE), maybe pergo or hardwood on our main level, we'll paint before we move out. Light fixtures? What else?

So, what are the best fixes to improve value of our home without breaking the bank? Best investment for the cost?

Thanks in advance :)

2007-10-21 12:27:26 · 23 answers · asked by Lauren 1

or is taxation a leverage against freedom which subdues and binds people into bondage.
without insurance a company cannot legally do business so people are FORCED to pay insurance companies which are forced to pay taxes on their income, which means all insurance that is forced upon us is actually a debt to be earned which is term of slavery, for everyone that makes a lot of money they have to earn half of their income in service of paying taxes instead of their own income before they are free to KEEP their business. This part of paying taxes is the bondage and bondage is slavery.
I believe the banks have the other half of slavery in terms of mortage and interest in order to live in a home.

in the kingdom of God, Housing and mansions and Food and clothing are provided.
it takes labor in the service of the kingdom of God to build all these things therefore it takes People to be servants to build a kingdom that is built without MONEY where bread can be purchased without it

2007-10-21 12:13:49 · 7 answers · asked by Priestcalling 3

I am 31 and single with no children. right now i am renting an apartment which cost about 600 bucks a month. i am tierd of paying rent and would love to own a home. The thing is that is my credit is not real good. I am paying off my debt though on time. I was thinking about buying a little house, fixing it up and than in about 5 years selling it. There is a house in my town that the asking price is $115,000. They said the est amount to pay each month is around $750.00 I would have a co-signer. Since my credit is not so good, do you think the payments would be higher? thanks

2007-10-21 11:59:19 · 6 answers · asked by carriec 7

I am currently looking for a new 2 or 3 year fixed rate mortgage deal. My previous deal of 4.65% expires at 1st Dec. (This is with the Alliance and Leicester ). The best deal I can find is a 5.87% deal with the same lender but there is a £599 product fee , a £250 admin fee (How does this work I already have a mortgage with them ) and various transfer fees so it will cost around £800 to keep my mortgage with the same building society I'm already with.

Does anybody know of any good deals without huge admin and joining fees that I've missed as most disappointingly the Alliance and Leicester deal is the best I can find.

Thanks for your help

2007-10-21 11:41:24 · 3 answers · asked by Seven of Nine 2

I have been approved for an FHA loan in which I have to bring 3% to the table. The home was appraised $6000 less than what I originally offered. He does not want to come down on his price because he will not be able to pay off his current mortgage, of which he will be about $6000 short after closing costs and fees with price being at the appraised value. He is currently trying to work out a deal with his lender to give him a short sale on the house. Since all of this has transpired, I have increased my credit score to the point that I am able to qualify for more mortgage programs. Should I check with some local companies to get into a better program with less fess than a the broker I used? Im somewhat leery of doing this because I don't want my current l mortgage company to see that I was shopping around if we would close under the current terms. And I don't want any inquiries to hurt my score. I WANT THIS HOUSE. Any suggestions on making this deal work would be appreciated.

2007-10-21 11:33:58 · 5 answers · asked by Renaisannce Man 1

2007-10-21 11:33:18 · 3 answers · asked by SO CAL REALTOR 1

I am suppose to be moving into a home as a renter in 4 weeks. the thing is is the realistate agent told me the people I am renting from want a security deposit. Which is fine, but the thing is I am giving that to them tomorrow. I was just wondering why or when am I suppose to get the keys to the house?? Shouldnt I get that when I give my money to the relater to give to the home owners? Or how does that process work?

2007-10-21 11:22:21 · 7 answers · asked by Beth 3

we went to court for the first time and ask the judge to give us an extension to move, he gave us 2 weeks which mean October 15 we should have been out the apt, we have a closing on 11-25-07 and need more time. i went to the court before 10-15-07 to ask for another extension the clerk told me if i see the judge now he will only give me 2 weeks extension, if i wait until the 72 hr notice i can get a month and a half extension. is this true because we have no where to go and i have 3 kids, 2 cats and 1 dog and for us to rent and apt pay one months rent, security and we are closing on a house next month do not make any sense to me. also the landlord said she is selling her house, well i found her house and its still active and she said that the person who brought it did it through century 21. I made a print out that shows the property is still available. what can we do all our money is tied up in the down payment and closing cost and we do not have money to rent a place for 1 month

2007-10-21 11:17:25 · 6 answers · asked by Anonymous

i am buying a house with no agent representing me, and want to know if i find a house to buy that is listed by a realtor, will the seller pay his/her agent the commission that would have gone to my agent if i had one? Or does the seller simply pay one commission % for each realtor involved?

2007-10-21 11:06:54 · 9 answers · asked by emma 1

My husband and I were planning to make an offer on a house, built in 1905, tomorrow. It's our dream house, and thus it disappointed me when I looked at the assessment for the house online and found out it has an asbestos exterior. First off, if the asking price for the home (which is a foreclosure) is $239,000, can we negotiate it down, because of the asbestos? If we did still want the house, does this mean that we could basically never do anything to the exterior of the house -- i.e. Christmas lights, any decorations? The house also has shutters that the previous owners installed. How could they have been installed, assuming that nails had to be used, on the exterior of the house?

My main question is, is it worth buying a house with an asbestos exterior, or is it too much trouble?

2007-10-21 11:03:52 · 5 answers · asked by red_writer 2

My husband's father would like to name my husband as partial owner on his completely paid for home. We are still renter's. Is there anything that could be bad about this when we go to buy a home of our own?

2007-10-21 10:52:31 · 3 answers · asked by Mrs. D 2

My husband and I will be looking to buy a house soon, within the next two years. We are relatively young, recently out of college, lots of student loan debt, some credit card debt (~5k) and we own nothing. I do have about 5k set aside for a down payment and I am still adding to that fund.
Are we being realistsic about owning a home on the next couple of years?

2007-10-21 10:50:11 · 7 answers · asked by Mrs. D 2

why would my landlord ask me to fill out a w9?

2007-10-21 10:45:26 · 4 answers · asked by arjm_0306 1

Id like to start by saying i took a chance in getting out of a dead end job and got a loan to go to school out of area...found a good job in a small town that i have now been working about 2 yrs... but now is about to end... my boss is becoming really two faced and is seemingly trying to make me quit..i accumulated some bad credit along the way within these 2 years.. i have lived in an apartment these 2 yrs and each year the rent has increased very noticably... i also have a big dog that i pay alot extra... i want to move and buy a cheap home or rent to own a home with more space and a yard... i will also have to get a new job ... on top of that my car died and is not repairable... im not sure what to do??? please help and give me some ideas or personal experiences to reassure me ...no marketing yourself please... i appreciate your help!

2007-10-21 10:32:18 · 6 answers · asked by cougar26 1

I'm looking to buy a house in Independence, MO for $145,000. The house is in foreclosure and the bank has owned it for 10 months. I have good credit, but I know nothing about buying a house. What kind of mortgage payments would I be looking at. Ball park figure.

2007-10-21 10:30:55 · 6 answers · asked by carmen 1

My brother has lived in an elite suburb for about 20 years. The well-off people who buy homes in this area, for the last 5 years, have started tearing the existing homes down to build new ones regardless of what shape the existing home is in. They are after the land in that area and have money to burn.

He is now trying to sell his home and suddenly the powers that be in this 'town' put a condition on his plot of land saying that if a new home is built there, it can only be half the size of the old home. This has killed not only the value of his home but any sale that could have been made. Is this legal?

2007-10-21 10:28:41 · 3 answers · asked by pgb 4

I am moving to Orlando, FL in January. Does anyone know any names of high rise condos in dowtown, fl near Lake Eola.

If so, what are the names, and how much are they? I am looking to rent for 12 months, then purchase.

2007-10-21 10:18:50 · 2 answers · asked by pbm1986 1

2007-10-21 10:14:45 · 4 answers · asked by hatfield41 2

why are first time buyers buying houses with an expensive mortgage living far beyond their means and ending in so much debt? what is wrong with buying a less expensive house that needs a bit of tlc, living comfortably and building ourselves up from there? or have we become a nation of want it right now?

2007-10-21 09:49:17 · 17 answers · asked by Anonymous

Harassement/ threatening by managing society members and developer (builder )?
Managing committee of our co-operative housing society is harassing, threatening, torturing to compel me to sign the redevelopment agreement of our completely residential building which they want to make residence and commercial.
Please let us know can a single member object against the conversion of the building from purely residential building to residential and commercial. The commercial aspect will create lot of nuisance we had purchased the flat considering the purely residential feature of the building.
23 of the 24 members have agreed for the residential and commercial plan. However only me have objected from the same. If possible kindly provide with judgments regarding the same.


Our redevelopment procedure has many irregularities and is fully harmful and risky for my rights and interests as a member of the society

2007-10-21 09:00:03 · 3 answers · asked by Anonymous

What price range should we look at if the total payment per month was $1000 including the mortgage, homeowners insurance, taxes, sewer,water and trash disposal?

My husband makes $4000/month and we plan to start a family and I'm going to stay home with the kids so I won't be bringing in any income. We want to live well below our means.

We have $15,000 for a down payment.

2007-10-21 08:56:18 · 6 answers · asked by Anonymous